GBPJPY trades in a narrow range between 166.98 and 166.01 for the past two days. It hits an intraday high of 166.98 and is currently trading around 166.88.
GBPUSD- Trend- Bullish
The pound sterling is trading cautiously ahead of US GDP data.US durable goods orders jumped 3.2% last month, well above the estimate of 0.70%. "Excluding transportation, new orders increased by 0.3%,"
Market eyes US Advance GDP and US initial jobless claims for further direction. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair showed a minor pullback on strong US treasury yields. Significant resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 166, a breach below the targets of 165.40/165/164. The immediate resistance is at 167, any violation above will take the pair to 170.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 166 with SL around 165 for a TP of 170.
